U.S. Income Tax Compliance
U.S. Income Tax Compliance
U.S. Income Tax Compliance
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Form 5471<br />
• Penalties<br />
– Any person who fails to file or report all of the<br />
information requested on Schedule O is<br />
subject to a $10,000 penalty for each such<br />
failure for each reportable transaction.<br />
• If the failure continues 90 days or more after the<br />
IRS has mailed a notice of the failure to the U.S.<br />
person, an additional $10,000 penalty will apply for<br />
each 30-day period, or fraction thereof, during<br />
which the failure continues after the 90 day period<br />
has expired up to a maximum of an additional<br />
$50,000 penalty.
Change language